General Dynamics has seen its net earnings reach $1.14bn in the fourth quarter (Q4) of 2024, marking a 14.2% rise from the previous year's $1.005bn.
For the quarter ending 31 December 2024, the company reported a revenue of $13.3bn, marking a 14.3% increase from $11.66bn in the corresponding quarter of the previous year.
Diluted earnings per share (EPS) also saw an uptick, standing at $4.15 in Q4 2024 compared to $3.64 in Q4 2023.
The company's cash flow was strong, with net cash provided by operating activities totalling $2.2bn.
In the three defence segments, awards included a $370m contract from the US Army for 155mm artillery projectile metal parts, contracts for various munitions and ordnance worth up to $820m, and several other contracts for classified customers with a maximum potential value of $1.4bn.
General Dynamics chairman and chief executive officer Phebe Novakovic said: “We had a solid fourth quarter, capping off a year that saw steady growth in revenue and earnings across all four segments.
“Order activity continued to be very strong, with 1-to-1 book-to-bill for the year, even as revenue grew by 13%, positioning us well for continued growth.”
Looking at the full-year performance, net earnings for 2024 were $3.78bn, a 14.1% increase from $3.31bn in 2023.
The company's annual revenue also grew by 12.9% to $47.7bn, compared to $42.27bn in the previous year. The diluted EPS for the full year was $13.63, up 13.4% from 2023.
Throughout the year, General Dynamics generated $4.1bn in net cash from operating activities, which represented 109% of net earnings.
The company made investments, including $916m in capital expenditures, and returned $3bn to shareholders through dividends and share repurchases.
By the end of 2024, General Dynamics had $1.7bn in cash and equivalents.
The company's order book included a consolidated book-to-bill ratio of 0.9-to-1 for the quarter and 1-to-1 for the year.
The year concluded with a backlog of $90.6bn and an estimated potential contract value of $53.4bn.
The total estimated contract value at year-end stood at $144bn, a 9.1% increase from the previous year.
